Super Typhoon Champi was upgraded to a Category 5 equivalent system on October 21, 2023. The storm, with maximum winds of 240 kilometers per hour at its center, is moving towards the eastern waters of Taiwan and eastern China, raising concerns about port traffic.
Impact of the Storm on China's Ports
The Hong Kong Observatory has announced that Typhoon Champi will move towards the eastern shores of Taiwan in the coming days. Shipping companies have reported that port traffic at the ports of Shanghai and Ningbo has faced delays of about four days due to this storm and prior conditions.
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These delays are likely to worsen after the storm, with estimates suggesting that port disruptions may continue for one to two weeks. One shipping company based in China has stated that due to increased delays related to traffic, shipping rates may also rise.
Response to the Port Traffic Crisis
The storm is expected to impact the shores of China on Saturday and Sunday (October 24 and 25), with a clearer picture of the existing disruptions expected by Monday (October 26). Some shipping companies have refrained from making stops at their ports to avoid traffic, which has reduced available space for trade between North Asia and Southeast Asia to Australia.
Reports indicate that in September, delays in Southeast Asia services became widespread, with about five ship stops in four different services delayed due to space shortages. Australian port authorities have also described the situation as concerning.
Market analysts have been monitoring shipping-related prices. For example, the price for PCR 45 — from North Asia to East Australia — has been assessed at $5,300 per forty-foot equivalent unit, while the price for PCR 47 — from North Asia to West Australia — has remained steady at $5,200 per forty-foot equivalent unit.
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